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Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know
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Cleveland-Cliffs (CLF - Free Report) closed at $16.39 in the latest trading session, marking a -0.91% move from the prior day. This move lagged the S&P 500's daily loss of 0.04%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq added 2.93%.
Heading into today, shares of the mining company had gained 16.56% over the past month, outpacing the Basic Materials sector's gain of 5.33% and the S&P 500's gain of 4.22% in that time.
Wall Street will be looking for positivity from Cleveland-Cliffs as it approaches its next earnings report date. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.74 per share. This would mark a year-over-year decline of 43.51%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.57 billion, down 12.16% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $2.15 per share and revenue of $21.39 billion. These results would represent year-over-year changes of -29.51% and -6.97%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 5.04% higher within the past month. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 7.69. Its industry sports an average Forward P/E of 9.16, so we one might conclude that Cleveland-Cliffs is trading at a discount comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Cleveland-Cliffs (CLF) Dips More Than Broader Markets: What You Should Know
Cleveland-Cliffs (CLF - Free Report) closed at $16.39 in the latest trading session, marking a -0.91% move from the prior day. This move lagged the S&P 500's daily loss of 0.04%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq added 2.93%.
Heading into today, shares of the mining company had gained 16.56% over the past month, outpacing the Basic Materials sector's gain of 5.33% and the S&P 500's gain of 4.22% in that time.
Wall Street will be looking for positivity from Cleveland-Cliffs as it approaches its next earnings report date. In that report, analysts expect Cleveland-Cliffs to post earnings of $0.74 per share. This would mark a year-over-year decline of 43.51%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.57 billion, down 12.16% from the year-ago period.
CLF's full-year Zacks Consensus Estimates are calling for earnings of $2.15 per share and revenue of $21.39 billion. These results would represent year-over-year changes of -29.51% and -6.97%, respectively.
Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 5.04% higher within the past month. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cleveland-Cliffs currently has a Forward P/E ratio of 7.69. Its industry sports an average Forward P/E of 9.16, so we one might conclude that Cleveland-Cliffs is trading at a discount comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.